It’s been an interesting 24 hours in the crypto space.
Everyone seemed to be dreading the crypto correction and now it has finally happened as the markets are bleeding red. Bitcoin has lost ten percent of its value and altcoins have taken a pretty brutal beating.
It isn’t all doom and gloom though as this bearish movement will present new support zones and entry levels for traders and investors.
All good things must come to an end
We’re basically in the middle of May now and so far, this month has been pretty kind to the crypto markets. At the start of the month, markets surged by more than fifty percent to reach a ten-month high of $264 billion. This was as unexpected as it was phenomenal and the main culprit behind it was œ.
It seems that all good things must come to an end though as in the early hours of today, Bitcoin had a flash crash and brought down the rest of the market with it. This ten percent drop pulled down all the altcoins with it, leaving the market in a sea of red and the overall capitalisation losing £30 billion in value.
As reported by Ethereum World News:
“Following a couple of days of solid gains, XRP, Stellar and Cardano have dumped around 14 percent each today. Bitcoin Cash, Litecoin, EOS and Binance Coin are not faring much better as the all lose over 9 percent on the day.”
There have been a few industry experts that are still bullish on Bitcoin thought and view this correction as a healthy part of the market cycle. Some are looking at new buying opportunities at BTC support levels,
One analyst, who goes under the name fil₿fil₿, said:
Im now of the opinion the local $btc top is probably in.— fil₿fil₿ (@filbfilb) May 16, 2019
l/s ratio nuked by claim
bid support down
parabola is shakey
Would like a bounce at $6.4k but i fully expect a 61.8% retracement from top which may present the last great buying op. @ c.$5.2k pic.twitter.com/0a8aCpG1hW